Despite the uncertainty surrounding Bitcoin (BTC), the number one cryptocurrency has given a bullish signal that has not been seen in six years.
Crypto analyst Eric Thies highlights a trend indicator known as KDJ, which has shown an upward trend in the six-month time frame for the first time since 2014. Thies made the following statements on the subject:
“The last year that KDJ beat the bull was BTC in 2014, the lowest with $ 200.”
The KDJ indicator is an extension of the stochastic oscillator used by investors to predict changes in an asset’s trend. The latest KDJ crossover shows that the trend of BTC in the long-term perspective is moving from bearish to bullish.
Although Bitcoin is on the rise in the long term, traders are unsure of its fate in the short term. Anonymous crypto strategist and trader Smart Contracter tells his 64,000 followers on Twitter that Bitcoin is about to move as the leading cryptocurrency approaches the top of a triangle:
“BTC looks average again, and it’s probably in some sort of triangle here, I’m not sure which way it will break. But I will watch for breakout and retest to trade no matter what. ”
Smart Contracter isn’t the only trader to see that BTC is about to make a big decision soon. The widely followed cryptocurrency analyst and investor Josh Rager tells his team of 88,000 that he looks ready to end the consolidation of the number one cryptocurrency in a week:
“BTC volatility is increasing. The compression for Bitcoin continues this week with a potential breakout. If Bitcoin fails to move above the above zone ($ 10,900 to $ 11,150) in the next impulsive move, I think Bitcoin will likely continue its downward movement below $ 10,000.